How to file your Binance taxes with Koinly
The largest crypto exchange in the world - Binance helps millions of crypto investors buy, sell, and trade crypto every day... and much, much more.
As well as being able to buy crypto with a credit or debit card, investors can also access a huge range of products including margin trading, P2P trading, futures trading, leveraged tokens, options, staking, earn products, liquidity farming, and DeFi staking. Users can also get a Binance Card to spend crypto, take out crypto loans, and buy, sell, and trade NFTs.
How to do your Binance taxes with Koinly
Koinly can help you do your Binance taxes safely, quickly, and accurately. All you need to do is sign up to Koinly and connect Binance automatically using API or by uploading a CSV file. Koinly will then calculate your Binance gains, losses, income, and more, before generating your crypto tax report.
Follow these steps to sync your Binance data automatically to Koinly:
- Log in to Binance.
- Go to the Binance API management page.
- Select Create API
- Complete the 2FA.
- By default, only the read permission will be granted. Make sure that no other permission has been granted to the API keys and that there is no IP restriction
- Copy the API key and API secret to Koinly
Note:
Binance also has a special Tax Report API, which will also work with Koinly. However, the Tax Report API will not allow full access to the Futures transaction history, which is why we recommend creating the regular API keys instead.
Subaccounts
If you use subaccounts with Binance, you will need to import this data as well.
If using API, create separate API keys for each subaccount. Add them to separate Binance wallets in Koinly.
Please check your Transfers between the main account and your subaccounts, as these may need to be added manually.
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Binance in the list
- Select API > Paste the API keys you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
- If you have enabled Futures on your account then you may receive emails and SMS messages when Koinly is syncing your transactions
- Convert trades are only imported starting from 2021
- Dust conversions are only imported for the last 1 year
- Commission rebates are not provided by the API
- Earn bonuses/penalties are missing and need to be added manually
- Bot trades and NFT trades are not provided by the API
- Because of Binance limitations, the API can take up to an hour to fully sync
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
If you're using Binance US - your steps will be slightly different. See our full guide on how to do your Binance US taxes.
Is Binance safe?
Yes, Binance is widely regarded as a safe crypto exchange by its users. As the leading crypto exchange worldwide, Binance has excellent security measures including offline cold storage, real-time monitoring, and advanced data encryption. For user security, Binance offers features like wallet whitelisting, sign-in protocols like 2FA, and opt-in security notifications. However, you should always follow best security practices and keep your crypto in an offline, secure wallet when you're not actively trading.
Does Binance report to tax offices?
In short - yes. The majority of tax authorities around the world including the IRS are taking a similar hard stance on crypto tax evasion. They're working with major exchanges operating in their country to share KYC information and ensure taxpayers are paying their fair share. As Binance is the largest crypto exchange worldwide, it is very likely they have been contacted by multiple tax authorities to share customer information.
Does Binance send tax forms?
No - and for good reason. Binance serves millions of users worldwide, meaning the exchange would need to be able to generate a huge number of tax forms in order to serve all its users! However, you can use a crypto tax calculator like Koinly to get your Binance tax forms easily.
How do I get my Binance tax documents?
To include your Binance crypto investment activity in your annual tax return you'll need to calculate and report any income or capital gains - or losses - you made throughout the year.
You can do this in one of two ways. You can either do it yourself, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.
Or, you can use a crypto tax calculator like Koinly. Koinly calculates your income and gains or losses for you and automatically generates your Binance tax report, ready to file with your tax office.
Koinly works by importing your Binance transaction data to analyze what's taxable, and what's not. Let's look at an example - here are some transactions in a Binance account.
You can import your Binance transaction history via API integration or by uploading CSV files of your Binance transaction history. Once you've done this, you'll be able to see your Binance transactions in Koinly - like this.
Your frequently asked questions
Does Binance have tax documents?
How do I get Binance tax documents?
Do you get a 1099 from Binance?
Does Binance provide financial or end of year statements?
Does Binance provide financial or end of year statements?
Do I have to pay taxes on Binance?
Can you use Binance in the US?
Does Binance have Proof of Reserves?
What is the difference between Binance and Binance US?
Who is the Binance CEO?
Where is Binance located?
How does Binance work?
What is Binance Coin?
Which should I use Coinbase vs. Binance?
Does Binance have NFTs?
How to buy an NFT on Binance
How to sell an NFT on Binance
Wondering how to list an NFT for sale on Binance? Easy. Once you've created or imported your NFT, just follow these steps:
1. Go to the page for the NFT you want to sell by selecting view item
2. Now select list NFT
3. Select your sell method - you can pick from set price (buyers can instantly purchase) or highest bid (auction to the highest bidder)
4. For set price, simply enter the crypto you want to receive and the sale price of your NFT
5. For highest bid, select the cryptocurrency you'd like to receive and the minimum bid amount for your sale, and a minimum markup percentage
6. Set a date and time for your sale
7. Select submit
8. NFTs are assessed automatically before going on sale to ensure it meets Binance standards - this takes about 10 minutes
9. Once your NFT is listed, you'll receive a listing completed pop-up
How to create an NFT on Binance
Wondering how to mint an NFT on Binance? Easy! Here's how.
1. First, you'll need to create an NFT collection. See steps on how to make a collection
2. Once you have a collection, go to the Binance NFT marketplace and select profile
3. Select created
4. Select create NFT
5. Accept the terms and conditions
6. Enter the details for your NFT including a name, description, network, and collection
7. Add properties for your NFT
8. Check the minting fee, agree to the minting rules, and select create
9. Once complete, you'll see a minting completed pop-up
Can you import NFTs on Binance?
Yes. You can import your NFTs and NFT collections to Binance. Just go to Binance NFT and log in, then follow these steps:
1. Select profile
2. Select collected
3. Select deposit
4. In the side panel, pick a network (Binance supports Binance Chain, Ethereum, and Polygon)
5. Connect your wallet
6. Follow the prompts in your wallet to verify the connection
7. You should now be able to see your NFTs, so select the NFT(s) you want to import to Binance
8. Select deposit now
9. Approve the NFT(s)
10. On the page verifying access and transfer, select confirm (you will need to pay a gas fee to approve this)
11. Confirm the gas fee approval in your wallet
12. You should see a deposit in process window which will show your progress and when your NFT(s) is successfully deposited
